2025年8月18日，晓鸣股份(300967.SZ)发布2025年中报。 公司营业总收入为7.52亿元，较去年同报告期营业总收入增加3.64亿元，同比较去年同期上涨93.65%。归母净利润为1.85亿元，较去年同报告期归母净利润 增加2.14亿元，实现2年连续上涨。经营活动现金净流入为2.24亿元，较去年同报告期经营活动现金净流入增加1.64亿元，同比较去年同期上涨272.39%。 | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 魏晓明 | 42.6. | | 2 | 正大投资股份有限公司 | 12.0. | | 3 | 广州谢诺辰途股权投资管理有限公司-厦门辰途创业投资合伙企业(有限合伙) | 3.84 | | ব | 广州谢诺辰途股权投资管理有限公司-辰途第一产业股权投资基金 | 1.16 | | 5 | 北京大北农科技集团股份有限公司 | 0.70 | | 6 | 浙商银行股份有限公司-国泰中证畜牧养殖交易型开放式指数证券投资基金 | 0.57 | | 7 | 石玉盞 | 0.53 | | 8 | 杜建峰 | 0.53 | | g | 王学强 | 0.45 | ...

Core Insights - The company reported a total revenue of 752 million yuan and a net profit attributable to shareholders of 185 million yuan for the first half of 2025 [1] - The operating cash flow net inflow was 224 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 45.35% [3] - The gross profit margin is 34.00%, which is a decrease of 1.04 percentage points compared to the previous quarter [3] - The return on equity (ROE) is 20.35% [3] - The diluted earnings per share (EPS) is 0.99 yuan [4] - The total asset turnover ratio is 0.45 times [4] - The inventory turnover ratio is 4.85 times, a decrease of 0.25 times or 4.95% compared to the same period last year [4] Shareholder Information - The number of shareholders is 17,100, with the top ten shareholders holding a total of 118 million shares, accounting for 62.83% of the total share capital [4] - The largest shareholder, Wei Xiaoming, holds 42.63% of the shares [4] - Other significant shareholders include Zhengda Investment Co., Ltd. with 12.03% and Guangzhou Xie Nuo Chen Tu Equity Investment Management Co., Ltd. with 3.84% [4]

Group 1 - The People's Bank of China emphasizes the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy [4] - The U.S. government expands the scope of tariffs on steel and aluminum imports by 50%, including hundreds of derivative products [7] - President Trump announces plans to impose tariffs on semiconductors, potentially reaching 300% [8] Group 2 - Southbound funds recorded a net purchase of 35.876 billion HKD, setting a new historical single-day net purchase record [9] - Hong Kong's Financial Secretary Chen Maobo announced plans to develop an international gold trading center, with a proposal expected by the end of the year [10] - The China Securities Regulatory Commission approved futures and options for various commodities, including cultural paper, enhancing the product offerings of the Shanghai Futures Exchange [11] Group 3 - Huayou Cobalt reported a net profit of 2.711 billion CNY for the first half of the year, a year-on-year increase of 62.26% [13] - Shengnong Development achieved a net profit of 910 million CNY in the first half of the year, a significant year-on-year increase of 791.93% [15] - Dongfang Caifu reported a net profit of 5.567 billion CNY for the first half of the year, up 37.27% year-on-year [24]

Core Viewpoint - Ningxia Xiaoming Agricultural and Animal Husbandry Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating a strong operational performance despite a decrease in total assets [1][4]. Financial Performance - The company's operating revenue reached approximately 751.81 million yuan, a 93.65% increase compared to 388.24 million yuan in the same period last year [1]. - The net profit attributable to shareholders was approximately 184.72 million yuan, showing a remarkable increase of 733.34% from a loss of 29.17 million yuan in the previous year [1]. - The net cash flow from operating activities was approximately 223.61 million yuan, representing a 272.39% increase from 60.05 million yuan [1]. - Basic earnings per share increased to 0.9928 yuan, a 738.46% rise from -0.1555 yuan [1]. Financial Position - Total assets at the end of the reporting period were approximately 1.66 billion yuan, a decrease of 1.50% from 1.69 billion yuan at the end of the previous year [4]. - The net assets attributable to shareholders increased by 16.08% to approximately 907.92 million yuan from 782.16 million yuan [4]. - The company's asset-liability ratio improved to 45.35% from 53.63% in the previous year [7]. Shareholder Structure - The largest shareholder, Wei Xiaoming, holds 42.63% of the shares, while other significant shareholders include Guangzhou Xie Nuo Chen Tu Investment Management Co., Ltd. with 12.03% [2][5]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [6]. Important Events - The company terminated its 2021 restricted stock incentive plan, resulting in the repurchase and cancellation of 1,942,875 shares [7]. - The company’s convertible bonds, known as "Xiaoming Convertible Bonds," have led to an increase of 12,337 shares due to conversion [7][8].

Core Points - The company has provided a guarantee of RMB 923.67 million for its wholly-owned subsidiary, Guangxi Chongzuo Shennong Animal Husbandry Co., Ltd., for a fixed asset loan from CITIC Bank Kunming Technology Branch [1][4] - As of July 31, 2025, the total guarantee balance provided by the company for its subsidiaries is RMB 13,790.84 million [1] - The company has approved a total guarantee limit of RMB 251 million for the year 2025, which includes various categories such as bank loans, raw material purchases, and performance guarantees [2] Guarantee Overview - The guarantee provided by the company is aimed at meeting the operational needs of its subsidiaries and aligns with the company's overall interests and development strategy [6][7] - The company has established strict screening standards and risk prevention measures for the guarantees provided, ensuring that the risks are controllable [6] Financial Details - As of July 31, 2025, the total external guarantee balance of the company and its subsidiaries is RMB 68,436.26 million, which accounts for 14.16% of the company's latest audited net assets [7] - The guarantees provided to subsidiaries amount to RMB 68,399.54 million, representing 14.15% of the latest audited net assets [7] Approval Process - The guarantee plan was approved during the board meeting on April 25, 2025, and subsequently ratified at the annual shareholders' meeting on May 20, 2025 [2][6] Risk Management - The company has implemented measures to mitigate risks associated with the guarantees, including setting up counter-guarantees and ensuring that the guaranteed entities have strong creditworthiness [6][7]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [6] Core Insights - The agricultural sector is expected to experience upward trends in beef prices due to a reduction in U.S. beef production forecasts for 2026 [4] - The report highlights a tightening supply-demand balance for corn, with prices expected to maintain a moderate upward trend [2] - The soybean market is influenced by U.S. trade policies and weather conditions, with a positive long-term outlook [2] - Wheat supply remains ample, with prices expected to stabilize at lower levels [3] - Sugar prices are anticipated to fluctuate due to increased imports and oil price volatility [3] - Cotton prices are expected to remain weak until demand shows positive changes [3] - The dairy sector is projected to see a rebound in raw milk prices driven by a reduction in supply and increased demand [5] Summary by Sections Corn - The USDA report indicates a global corn production increase of 24.92 million tons (approximately +1.97%) for the 2025/26 season, with a slight increase in global ending stocks [17] - China's corn ending stocks are projected to decrease by 0.31 percentage points to 55.50% [19] - Domestic corn prices are currently at a historical low, with a strong support expected for future price recovery [20] Soybeans - The USDA report forecasts a reduction in global soybean production by 1.29 million tons for the 2025/26 season, with ending stocks decreasing by 1.17 million tons [32] - The soybean market is sensitive to U.S. trade policies and weather, with a strong price support expected in Q4 2025 [34] Wheat - The USDA report predicts a decrease in global wheat production by 1.65 million tons for the 2025/26 season, with a slight reduction in the ending stocks-to-use ratio [49] - Overall supply remains sufficient, with prices expected to stabilize [3] Sugar - The market anticipates a good harvest for the 2025/26 season, but prices may remain weak due to increased imports and fluctuating oil prices [3] Cotton - The USDA report indicates a reduction in global cotton production forecasts, with a stable supply-demand balance expected [3] Beef - The USDA has lowered its forecast for U.S. beef production in 2026, leading to an expected increase in beef prices [4] - The domestic beef market is showing resilience, with prices expected to trend upwards in 2025 [4] Dairy - The USDA forecasts an increase in U.S. milk production and consumption for 2026, with a slight increase in ending stocks [5] - Domestic raw milk prices are expected to rebound in the second half of 2025 due to supply reductions and increased demand [5] Pork - The USDA projects a slight increase in U.S. pork consumption in 2026, with domestic production expected to remain stable [8] Poultry - The U.S. poultry market is expected to recover, with increased consumption predicted for 2026 [8]

Report Industry Investment Rating No relevant content provided. Core Views - Palm oil: With both supply and demand booming in the producing areas, a low - buying strategy is recommended [2]. - Soybean oil: Bullish factors have been fully priced in, and there may be a correction at high levels [2]. - Soybean meal: US soybeans have risen and then fallen, and the Dalian soybean meal futures will adjust and fluctuate [2]. - Soybean No.1: The futures price will fluctuate [2]. - Corn: It will move in a fluctuating manner [2]. - Sugar: It will consolidate within a range [2]. - Eggs: The price will adjust in a fluctuating way [2]. - Live pigs: Second - fattening has entered the market, but the spot performance is below expectations [2]. - Peanuts: The near - term contracts are stronger than the far - term ones [2]. Summary by Related Catalogs 1. Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil's daytime closing price was 9,294 yuan/ton with a decline of 1.38%, and the night - session closing price was 9,386 yuan/ton with an increase of 0.99%. Soybean oil's daytime closing price was 8,540 yuan/ton with a decline of 0.61%, and the night - session closing price was 8,512 yuan/ton with a decline of 0.33% [5]. - **Macro and Industry News**: India's palm oil imports in July were 855,695 tons, down from 955,683 tons in June. The total vegetable oil imports in July were 1,579,041 tons, up from 1,549,825 tons in June. ICE Canadian canola futures closed down 0.8%, and CBOT soybean futures fell 1.5% due to profit - taking and export concerns. CONAB and ABIOVE both raised their forecasts for Brazil's 2024/25 soybean production and exports [6][8]. - **Trend Intensity**: The trend intensity of palm oil and soybean oil is 0 [9]. 2. Soybean Meal and Soybean No.1 - **Fundamental Data**: DCE soybean No.1 2511's daytime closing price was 4,041 yuan/ton with a decline of 1.13%, and the night - session closing price was 4,049 yuan/ton with a decline of 0.54%. DCE soybean meal 2601's daytime closing price was 3,157 yuan/ton with an increase of 0.38%, and the night - session closing price was 3,140 yuan/ton with a decline of 0.76% [10]. - **Macro and Industry News**: On August 14, CBOT soybean futures fell from a six - week high due to profit - taking and export concerns. The US Department of Agriculture's weekly export sales report showed a significant reduction in 2024/25 US soybean net sales [10][12]. - **Trend Intensity**: The trend intensity of soybean meal and soybean No.1 is 0 [12]. 3. Corn - **Fundamental Data**: The closing price of C2509 was 2,281 yuan/ton with a 0.35% increase during the day and 2,279 yuan/ton with a 0.09% decline at night. The closing price of C2511 was 2,202 yuan/ton with a 0.05% decline during the day and 2,197 yuan/ton with a 0.23% decline at night [13]. - **Macro and Industry News**: Northern corn port collection prices were stable, while prices in Northeast and North China were weak. Imported sorghum and barley had different price quotes for different shipment periods [14]. - **Trend Intensity**: The trend intensity of corn is 0 [15]. 4. Sugar - **Fundamental Data**: The raw sugar price was 16.58 cents/pound with a 0.27 - cent decline. The mainstream spot price was 5,990 yuan/ton with a 10 - yuan increase. The futures主力 price was 5,659 yuan/ton with a 2 - yuan increase [16]. - **Macro and Industry News**: Brazil's sugar production needs to be re - estimated, and India's monsoon rainfall has weakened. China imported 420,000 tons of sugar in June. CAOC made production, consumption, and import forecasts for the 24/25 and 25/26 domestic sugar seasons. ISO estimated a global sugar supply shortage of 547 million tons in the 24/25 season [16][17][18]. - **Trend Intensity**: The trend intensity of sugar is 0 [19]. 5. Eggs - **Fundamental Data**: The closing price of egg 2509 was 3,191 yuan/500 kilograms with a 3.01% decline, and the closing price of egg 2601 was 3,578 yuan/500 kilograms with a 0.11% decline [20]. - **Trend Intensity**: The trend intensity of eggs is 0 [20]. 6. Live Pigs - **Fundamental Data**: The Henan spot price was 13,930 yuan/ton, the Sichuan spot price was 13,550 yuan/ton, and the Guangdong spot price was 15,190 yuan/ton. The prices of futures contracts such as live pig 2509, 2511, and 2601 all showed year - on - year declines [23]. - **Trend Intensity**: The trend intensity of live pigs is - 1 [24]. - **Market Logic**: In August, the planned slaughter volume of group farms increased, while散户 were forced to hold back pigs. Demand growth was limited, and market pressure was high. The September contract is approaching the delivery month, and the industrial willingness to deliver is increasing. There is a pattern of weak reality and strong expectation, and the spread structure maintains an inverse spread [25]. 7. Peanuts - **Fundamental Data**: The prices of important spot peanuts such as Liaoning 308 common peanuts remained unchanged. The closing price of PK510 was 8,058 yuan/ton with a 1.03% decline, and the closing price of PK511 was 7,884 yuan/ton with a 1.40% decline [27]. - **Spot Market Focus**: New peanuts have been gradually coming onto the market in small quantities in some areas, with uneven quality and small supply. Most areas' prices are stable or slightly weak [28]. - **Trend Intensity**: The trend intensity of peanuts is 0 [31].

Group 1 - The livestock ETF (159865) has seen a net inflow of 34 million units, indicating strong capital interest in livestock assets [1] - The "pig cycle" is fundamentally an output capacity cycle rather than just a price cycle, with the time lag from sow replenishment to fattened pig output being significant [1] - Since 2019, the financial situation at the bottom of the current cycle is the most pressured since 2006, with a focus on reducing losses and debt rather than rapidly increasing production capacity [1] Group 2 - The livestock farming industry is expected to enter a profit cycle starting from Q2 2024, but the average speed of debt reduction indicates a long road ahead for the industry [1] - Market expectations regarding the impact of rising pig production capacity on the profit cycle may be overly pessimistic, potentially overlooking the positive effects of declining raw material costs and a potential macro demand rebound in 2025 [1] - The sustainability of the current profit period in the pig farming industry may exceed market pessimism [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000735 证券简称：罗牛山 公告编号：2025-026 罗牛山股份有限公司 2025年7月畜牧行业销售简报 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、2025年7月份生猪销售情况 公司2025年7月销售生猪5.62万头，环比增长10.23%,同比下降0.15%；销售收入9,750.29万元，环比增长 10.61%，同比下降21.19%。 罗牛山股份有限公司 董 事 会 上述数据未经审计，与定期报告披露的数据可能存在差异，因此上述数据仅作为阶段性数据供投资者参 考。 二、风险提示 （一）上述披露仅包含公司生猪养殖业务销售情况，不含其它业务。 （二）生猪市场价格的大幅波动（下降或上升），都可能会对公司的经营业绩产生重大影响，敬请广大 投资者审慎决策，注意投资风险。 （三）生猪市场价格变动的风险是整个生猪生产行业的系统风险，对任何一家生猪生产者来说，都是客 观存在的、不可控制的外部风险。 三、其他提示 《证券时报》、《中国证券报》以及巨潮资讯网（www.cninfo.com.cn）为公司指定的信息披 ...

Group 1 - The company Jin Xin Nong (SZ 002548) announced a temporary board meeting on August 12, 2025, to discuss adjustments to the stock option and restricted stock incentive plan [2] - For the year 2024, the company's revenue composition is as follows: feed processing accounts for 60.67%, livestock breeding for 36.12%, raw material trading for 2.84%, and other industries for 0.37% [2]